Section - 26 - Companies not to engage in cost accountancy
Companies not to engage in cost accountancy.26. (1) No company, whether incorporated in India or elsewhere, shall practise as cost accountants.[Explanation.-For the removal of doubts, it is hereby declared that the "company" shall include any limited liability partnership which has company as its partner for the purposes of this section.][(2) If any company contravenes the provisions of sub-section (1), then every director, manager, Secretary and any other officer who is knowingly a party to such contravention shall be punished on first conviction with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees, and on any subsequent conviction, with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees.]
15. Inserted by the Cost and Works Accountants (Amendment) Act, 2011, w.e.f. 1-2-2012.
16. Substituted by the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, w.e.f. 10-5-2022. Prior to its substitution, sub-section (2), read as under:"(2) Any contravention of the provisions of sub-section (1) shall be punishable on first conviction with fine which may extend to one thousand rupees, and on any subsequent conviction to five thousand rupees."
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